{"id":16487,"date":"2023-01-15T22:57:34","date_gmt":"2023-01-15T22:57:34","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/polands-consumer-protection-agency-opens-case-against-cryptocurrency-exchange-exchanges-bitcoin-news\/"},"modified":"2023-01-15T22:57:34","modified_gmt":"2023-01-15T22:57:34","slug":"polands-consumer-protection-agency-opens-case-against-cryptocurrency-exchange-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/polands-consumer-protection-agency-opens-case-against-cryptocurrency-exchange-exchanges-bitcoin-news\/","title":{"rendered":"Poland\u2019s Consumer Protection Agency Opens Case Against Cryptocurrency Exchange \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The body ensuring that consumer rights are respected in Poland has initiated proceedings against a crypto exchange falsely claiming to be Polish. The trading platform also misled customers that it was operating with the regulatory approval of the financial authorities in the country.<\/strong><\/p>\n

Belize-based Exchange Risks Hefty Fine in Poland for Allegedly Deceiving Crypto Traders<\/h2>\n

The Polish Office of Competition and Consumer Protection (UOKiK) is pressing charges against Good Solution Investments Ltd., the operator of Kanga Exchange. According to the agency, the coin trading platform claims that its \u201cbusiness model\u201d has been approved by the Polish Financial Supervision Authority (KNF).<\/p>\n

\u201cKanga Exchange has never received the approval it refers to. Moreover, its activities are not subject to supervision or evaluation by the KNF. Providing such information could mislead consumers as to the legality and safety of the performed operations,\u201d the head of UOKiK, Tomasz Chr\u00f3stny, explained in an announcement.<\/p>\n

The crypto market in Poland<\/a> is not specifically regulated as it\u2019s not considered part of the financial market, the office noted. So far, KNF has published only a warning of the risks associated with the acquisition and trading of crypto assets.<\/p>\n

UOKiK<\/a> established that the false information about the Polish regulatory approval was published on two websites, kanga.exchange and kangakantor.pl. Kanga Exchange also promoted itself as a \u201cPolish cryptocurrency exchange\u201d when its operator is registered in the Caribbean nation of Belize. According to its terms, the law applicable to the contracts with users is also the one of Belize.<\/p>\n

Just because a person authorized to represent the company is a citizen of Poland does not justify the claims that the product offered is of Polish origin, Chr\u00f3stny elaborated further. Misleading consumers in that regard may impact their financial decisions. Had they known that Poland\u2019s legislation was not applicable, they could have chosen not to use its services, he pointed out.<\/p>\n

If the charges against it are confirmed, Good Solution Investments would face a fine of up to 10% of its turnover for violating collective consumer interests. The company\u2019s name is also on a warning list issued by the KNF and the case is being examined by the District Prosecutor\u2019s Office in Warsaw.<\/p>\n

The Office of Competition and Consumer Protection has taken action regarding other cryptocurrency platforms before, including Coincasso O\u00dc, which it fined, the Lodz-based Selfmaker Technology, and the Dubai-registered Selfmaker Smart Solutions, suspected of running a pyramid-like promotional system.<\/p>\n

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agency<\/a>, Belize<\/a>, Case<\/a>, Charges<\/a>, consumer protections<\/a>, Consumers<\/a>, Crypto<\/a>, crypto exchange<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Kanga Exchange<\/a>, Law<\/a>, Legislation<\/a>, misinformation<\/a>, Office<\/a>, Poland<\/a>, polish<\/a>, Regulations<\/a>, rules<\/a>, UOKiK<\/a><\/div>\n<\/div>\n

What do you think about the case against Kanga Exchange in Poland? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Konektus Photo \/ Shutterstock.com<\/em><\/p>\n

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